KUALA  LUMPUR (April 9): The Securities Commission Malaysia (SC) has revoked financial planner Lim Chee Kuang's Capital Markets Services Representative’s Licence (CMSRL) for submitting false and misleading information to the commission in relation to his CMSRL application.

In a statement Tuesday, the SC said the revocation has been effective since March 7 this year.

Lim was formerly attached with UOB Kay Hian Wealth Advisors (M) Sdn Bhd.

“Submission of a false or misleading statement to the SC in connection with an application for a CMSRL is a serious offence under Section 71 of the Capital Markets and Services Act 2007 (CMSA), which could result to the revocation of the same,” the regulator said.  

As such, the SC finds that Lim is no longer fit and proper to carry out regulated activities in the Malaysian capital market.

“Lim’s licence was revoked under Section 72 read together with Section 65 of the CMSA,” it added.

Additionally, the SC imposed a reprimand against Lim for failing to comply with the conditions of his licence, which requires Lim to remain fit and proper at all times, as provided under Paragraph 7.03(1) of the SC’s Licensing Handbook.

Meanwhile, Lim has not filed any appeal against the SC’s decision within the prescribed time provided under the CMSA, the SC noted.